Millionaires and billionaires have a solid grip on the world’s share of wealth. A report by Credit Suisse shows that the total amount of global wealth grew to $360 trillion in 2019. Almost half of the wealth is controlled by millionaires. What is perhaps more jaw dropping is that half of the world’s net wealth belongs to the top 1%.
America’s Wealthiest Families
In the USA there are 14,814,453 millionaires and 540 billionaires. America’s billionaires have a combined net worth of $2.399 trillion. In the list of billionaires and millionaires can be found families that were able to realise the American dream and even shape the dream.
The Walton Family
The Walton family tops the list of America’s wealthiest families. It is the richest family in the US. The family is known as not only one of the richest in the world but also as one of the most powerful. Most of the family’s riches have been made from the Walmart dynasty. The family holds over fifty percent of stocks in the organization.
In 1962, an optimistic Sam Walton and his brother, Bud decided to open this first Walmart discount store. This would mark the beginning of an unstoppable empire which has given the Walton’s enough wealth to be richer than 43% of American families. The organization has grown from strength to strength, expanding its store count to Over 11,760 stores worldwide with a revenue of over $500 billion in 2018 fiscal year. Walton’s descendants have a combined wealth of $163.2 billion.
The Koch Family
Charles and the late David Kock were able to take on responsibility from their father to run Koch Industries, the second-largest private corporation in the world. The family has grown its wealth to an estimated $82 billion, getting it one of America’s wealthiest families.
Koch Industries has its hands in many pies. The corporation is involved in different sectors. The sectors include chemical technology, agriculture and mining. The company generates $110 billion in revenue per year, with the help of a 120,000 strong work-force.
The Koch brothers transformed Koch Industries from just an oil business to also being in asphalt, fertilizers, pulp, and paper manufacturing, ranching, mineral mining, natural gas, plastics, petroleum, energy, textiles, chemical development, commodities trading, and finance.
The Zuckerburg Family
The Zuckerburgs are one of the youngest families in history to amass a net worth of over a billion dollars. Mark Zuckerburg was born on May 14, 1984 in White Plains, New York. At only 12 years old, he created a messaging program for his father’s dental practice. Combined with tenacity, grit (and great programming skills built over time) Mark was able to build social media phenomenon, Facebook. From humble beginnings, the organization has gone on to scale big from an initial public offering to the acquisition of several big-name social media sites like Facebook and WhatsApp.
Mark has been able to successfully build a beautiful family with Priscillia Chan Zuckerburg. The Zuckerburg household is home to Mark, Prescillia, and Maxima. The Zuckerburg’s are able to find time out
Priscillia Chan is an American pediatrician and philanthropist. The Chan Zuckerburg initiative is on a mission to create new ways of leveraging technology, community-driven solutions,that drive collaboration to accelerate progress in Science, Education, and in our Justice
The Zuckerburg Chan Initiative prides itself on the selflessness of its founders and team members. Different professionals from some of the biggest for-profit tech companies have chosen to chase new opportunities with the Zuckerberg Chan Initiative.
The Buffet Family
Legendary investor Warren Buffet built his company, Berkshire Hathaway which has acquired ownership of over 60 companies including insurer Geico, battery maker Duracell, and restaurant chain Dairy Queen.
As the son of a U.S. congressman, Mr. Buffet was given opportunities to buy stock at age 11. He first filed his taxes at age 13. Mr Buffet was able to use his experiences with finance and business to build a net worth of over $85 billion.
Mr. Buffet, like the Zuckerburgs has pledged a significant proportion of 99% of his fortune. In 2019, he donated $3.6 billion to foundations of Bill and Mellinda Gates.
Not a lot of families can say they have made another family rich. Amazingly, 7 people have become billionaires thanks to their stake in Berkshire Hathaway. Not only is Mr. Buffet a classic man in every sense of the word but he has also been able to successfully enrich the lives of his household and other households. Warren Buffet has three children : Susan, Howard, and Peter.
According to his former daughter in-law, Mary, Warren Buffet switched from giving $10,000 in hundred-dollar bills to his relatives to giving $10,000 in stock instead.
They say the apple doesn’t fall from the tree. Mr. Buffet’s children share similar approaches to giving. His children have charitable foundations which have played significant roles in developing communities in America.
The Buffet Household presents many lessons. Warren raised a group of well-rounded individuals who selflessly commit to building America.
The Mars Family
The Mars family has a net worth of $78 billion. Mars Inc., owned by the Mars family, achieved $33 billion in sales. The heirs to the company include the Mars siblings, Jacquelien and John, and the heirs of their brother Forest Jr (who died in July 2016). The siblings inherited the organization in 1999. Their grandfather began selling candy from his Tacoma, Washington Kitchen in 1911.
As most of us know, Marc Inc. is responsible for the provision of popular chocolate snacks we all know and love, from Starbust to Snickers. The revenues of the company is a result of the hard work, dedication, and team work of its stakeholders, from its 100,000 employees to its staff.
America’s Wealthiest Families Growing
The United States of America is a beacon of hope to millions around the world. On American soil, history was made as men left to the moon, olympic records were broken and industries were built from the ground up. The progressiveness of the nation has helped many to be able to reap the fruits of capitalism in a free society. The number of millionaires in America is growing and so is the wealth. Statistics suggest that opportunities for wealth creation are greater than ever. This means that the list will continue to grow. Interestingly, the growing list suggests that America’s wealthiest families have given and continue to give to the social development of America.
Calvin Ebun-Amu is passionate about finance and technology. While studying his bachelor’s degree, he found himself using his spare time to research and write about finance. Calvin is particularly fascinated by economics and risk management. When he’s not writing, he’s reading a book or article on risk and uncertainty by his favourite non-fiction author, Nassim Nicholas Taleb. Calvin has a bachelors degree in law and a post-graduate diploma in business.